Fannie Mae-No Politics (FNMA)

[Potty]

Stockman, devil is in the details now, tho I agree having Mnuchin is a good thing for stockholders.

But import for common share price, IMHO, is now VERY much in the details of the approach Mnuchin, and the Trump administration is taking.

There is a huge range of values, and time periods, that could come out...

Worst: Mnuchin stiffs common -- time frame is then years as we go back to courts

Medium: We have a forced R&R with somewhat favorable terms

Good: We have settlement talks with pref, common and Tsy -- then we see a reasonable range, IMHO, matching Ackman's favored range

People are assuming Pref will get their $25, but I think that is too quick, I think pref has same set of outcomes and range of outcomes from 0-25... Anyway, that is why things are subdued IMHO --DEVIL IN THE DETAILS NOW